ares mgmt

MIDLAND, Texas--(<span itemprop="provider publisher copyrightHolder" itemscope="itemscope" itemtype="https://schema.org/Organization" itemid="https://www.businesswire.com" style="color: rgb(68, 68, 68); font-family: "Helvetica Neue", Helvetica, Arial, "Lucida Grande", sans-serif; font-size: 16px; background-color: rgb(254, 254, 254);"><a rel="nofollow" itemprop="url" href="https://www.businesswire.com/" style="text-decoration-line: none; color: rgb(121, 162, 189); outline: none;">BUSINESS WIRE</a>)--Clayton Williams Energy, Inc. (the “Company”) (NYSE:CWEI) announced today that it has entered into a credit agreement with certain funds managed by Ares Management, L.P. (NYSE: ARES) (the “Lenders”) providing for the Lenders to make secured term loans to the Company in the principal amount of $350 million. The Company also has agreed to issue to the Lenders warrants to purchase 2.25 million shares of the Company’s common stock at a price of $22.00 per share with rights to appoint two members to the Company’s board of directors. Proceeds from this transaction will be used to fully repay the Company’s outstanding indebtedness under its revolving credit facility and provide additional liquidity to fund the Company’s operations and future development. Closing of this transaction is expected to occur on or before March 31, 2016.